SM Prime Signs Lease for Cebu Property To Build Second Mall

SM Prime Holdings, Inc. (SM Prime) announced that it has entered into a lease contract with Everjust Realty Development Corporation for a 46,296 square meter (sqm) lot in Barangay Lamac, Municipality of Consolacion, Cebu Province. SM Prime intends to build on the leased property its second mall in the province,
after SM City Cebu. The new mall will be named SM City Consolacion Cebu.

"The signing of the lease contract is one of the first significant steps that SM Prime is taking towards completing its second mall in Cebu. The company considers Cebu as an ideal site for further expansion of SM malls, given itsstrategic role in the Visayas region and its strong export capability. It is also an ideal tourism destination and a take off point for island hopping by ferry to other destinations,” said SM Prime President Mr. Hans T. Sy.

SM City Consolacion Cebu is estimated to have a gross floor area (GFA) of 57,436 sqm. It is scheduled to open by the fourth quarter of 2011. For the rest of 2010, SM Prime will be opening

• SM City Calamba, the third SM mall in the province of Laguna, and
• SM City Novaliches in Quezon City.

The company is also set to open its fourth SM mall in mainland China, which will be located in the city of Suzhou. By end 2010, the company is expected to have 40 malls in the Philippines, with a total gross floor area of 4.8 million sqm.

SM City Cebu, the first SM Mall in Cebu, is the country’s fourth largest shopping complex.

For further inquiries:
Mr. Jeffrey C. Lim
Executive Vice President
SM Prime Holdings, Inc.
E-mail: jeffrey.lim@smprime.com

Source: PSE Disclosure
08 October 2010. Pasay City, Philippines.